| (1) | (2) | (3) | (4) | (5) | (6) |
| Basic_season_ind | Basic_year_ind | Control_season_id | Control_year_id | Control_season_ind | Control_year_ind |
treat | 0.551** | 0.396** | 0.461** | 0.430** | 0.417* | 0.394* |
| (2.61) | (2.20) | (2.22) | (2.07) | (1.89) | (1.77) |
price |
|
| 0.054** | 0.055** | 0.055* | 0.055* |
|
|
| (2.05) | (2.05) | (1.88) | (1.88) |
lnmv |
|
| 0.097 | 0.123 | 0.131 | 0.152 |
|
|
| (0.29) | (0.38) | (0.41) | (0.48) |
lntravol |
|
| 2.875*** | 2.874*** | 2.953*** | 2.950*** |
|
|
| (84.79) | (85.35) | (22.64) | (22.42) |
control variables | no | no | yes | yes | yes | yes |
fix effect | yes | yes | yes | yes | yes | yes |
cluster standard error | industry | industry | id | id | industry | industry |
N | 3,732,586 | 3,732,586 | 3,088,502 | 3,088,502 | 3,079,906 | 3,079,906 |